Page 9 - The Insurance Times July 2025

Hyderabad playing a strategic role. Shipping. Onboard incidents were most rupting daily life, insurers are now of-
Over the past eight years, the firm has common, with 47 cases leading to fering parametric insurance products
tripled its size in India and expanded seven deaths and 43 injuries. The re- tailored to extreme weather events
beyond its original cost-focused model port noted 10 maritime collisions and such as heatwaves, heavy rainfall, and
into full-value chain operations. six sinking/grounding events. cold spells. In Kolkata, around 650
people have already purchased such
The tech team has grown from 150 to Most incidents occurred on vessels
750 in three years, with plans to cross flagged under Marshall Islands, policies from Bajaj Allianz General In-
1,000 soon. India now leads key global Panama, and India. Bulk carriers (52), surance, which was the first to roll out
functions, including fee-based risk insight container ships (30), and oil/product climate-specific index covers.
solutions, GenAI experiments in claims, tankers (28) saw the highest number The insurer offers distinct policies for
and life and health underwriting plat- of accidents, reflecting their opera- heat, rain, and cold under its climate-
forms. While lateral hiring dominates, tional complexity. The report highlights change product suite. These policies
Swiss Re is also investing in graduate gaps in safety protocols, especially in are targeted at a wide range of vulner-
hires with domain training in insurance. onboard activities, and calls for im- able groups-homeowners, gig workers,

The company's CTO for its "solutions" proved risk management for high-traf- delivery personnel, shopkeepers, and
fic vessels. others-offering compensation for cli-
business is based in India, reinforcing
the country's role in innovation and Notably, non-operational injuries also mate-linked income loss and increased
enterprise integration. Swiss Re views persist, pointing to broader occupa- living costs.
India not as a support hub but a global tional health concerns. The findings Other private and public sector insur-
nerve centre for technology and prod- come amid heightened attention fol- ers are reportedly preparing to launch
uct leadership. lowing the sinking of MSC Elsa III off similar offerings soon. Climate experts
Kerala's coast, underscoring the ur- affirm that Kolkata and West Bengal
186 Marine Accidents in gency to upgrade safety measures in are among India's most vulnerable re-
India's maritime sector. gions, given their dense population,
2024 Cause 83 Deaths:
low elevation, and exposure to cy-
Govt Report Insurers Launch Paramet- clones and floods. The policies are a
India witnessed 186 marine and casu- ric Climate Policies as Ex- step towards adapting to and manag-
alty incidents in 2024, resulting in 83 ing climate-related risks amid intensi-
fatalities and 61 injuries, as per a draft treme Weather Intensifies fying environmental challenges.
report by the Directorate General of With climate change increasingly dis-
NDMA Integrates 3Ms
Air India Crash: Insurance Cover Raised Weeks Be- Strategy for Landslide Risk

fore Tragedy Management
Just weeks before the tragic crash of an Air India Boeing 787-8 Dreamliner The National Disaster Management
near Ahmedabad, the aircraft's insurance coverage was increased by Rs 100 Authority (NDMA) will adopt a strate-
crore, bringing the total insured value to Rs 850 crore following an engine
gic framework centered on the "3Ms"-
replacement in April 2025.
Mapping, Monitoring, and Mitigation-
The catastrophic crash, which claimed 270 lives-including 241 passengers to enhance its landslide management
and crew-could result in total insurance claims of approximately Rs 1,500 action plan, according to Safi Rizvi,
crore, according to industry estimates. While Indian insurers such as Tata advisor for mitigation and executive
AIG, ICICI Lombard, and others provided primary coverage, nearly 90% of director of the National Institute of
the risk had been reinsured with global firms including AIG and AXA XL. Disaster Management.
Under the Montreal Convention, families of each deceased passenger are This initiative aims to bolster the
entitled to compensation of Rs 1.8 crore, contributing to a projected Rs 420 country's readiness in the face of grow-
crore in passenger liabilities alone. Third-party claims and aircraft hull loss ing climate-related disasters, especially
will add significantly to the total. This incident-the region's worst wide-body as changing rainfall patterns increase
crash in recent years-is expected to harden aviation reinsurance markets the frequency and intensity of floods
across Asia. and landslides. The upcoming NDMA

8 July 2025 The Insurance Times